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Wealth Planning

Singapore’s financial and economic stability, coupled with its well-organised and well-governed jurisdiction, are key justifications for setting up family offices here.

Responsibilities and scope of services of the family office

The initial intention behind the establishment of a family office is often to institutionalize the management of the family’s financial affairs. Over time, in order to meet the changing needs of the family, the scope of responsibilities of the family office can be expanded to include a range of other services, which can be roughly divided into the following categories

Investment and asset management

Investment Strategy Asset allocation and management Bench-marking and review

Investment Strategy

Asset allocation and management

Bench-marking and review

Next generation plan

Succession planning Liquidity planning Family governance Family education

Succession planning

Liquidity planning

Family governance

Family education

Charity

Target setting Due diligence Execution Impact assessment

Target setting

Due diligence

Execution

Impact assessment

Administrative Service

Concierge Integration and accounting Law and tax

Concierge

Integration and accounting

Law and tax

Classification of family offices

Single family office (SFO)

An SFO manages assets for/on behalf of only one family, is wholly owned/controlled by said family members, with only their assets injected. It offers asset allocation, management, and investment. Fund investments are selected by family members or a professional financial planner. Singapore SFOs may be exempted from the RFMC/LFMC licensing.

Multi family office (MFO)

MFO serves multiple families, with 3 main sources: (1) SFO transformed to accept other families; (2) Private banks set up for larger customers; (3) Founded by professionals. Like External Asset Management (EAM), Singapore MFOs require RFMC/LFMC fund license.

Why set up a family office in Singapore?
Tax Planning
Immigration
Business Friendly environment

With government tax exemption incentives for offshore and onshore funds managed by FOs, almost all capital or investment gains are not taxed.

Specifically, the tax exemption schemes are the:
  • Onshore Fund Tax Incentive Scheme (13O);
  • Offshore Fund Tax Incentive Scheme (13D); and
  • Enhanced-Tier Fund Tax Incentive Scheme(13U);
  • In light of the above tax incentives, coupled with Singapore's sound financial system, firm adherence to the rule of law, stable political environment and economy, as well as high-quality living standards, Singapore has been established as the preferred choice for many family offices
Permanent Resident
  • If the requirements are met, the person in charge of the family office can directly apply for PR in GIP mode.
Employment Pass
  • Employees in the FO with at least S$5,000 monthly salary (recommended at least S$8,000) can apply for EP. If the FO principal has been in Singapore for long and meets the following residency requirements, he is regarded as a Singapore tax resident (CRS reporting requirement can be exempted):
  • Stay or work for at least 83 days in a calendar year
  • Offshore Fund Tax Incentive Scheme (13D)
  • Stay or work in Singapore for at least 183 days, straddling two calendar years
  • An applicant living/working over 3 consecutive years is regarded as a Singapore tax resident for all 3 years

(Note: Employment time includes overseas business trips.)

The political and economic environment is stable and the judicial system is strong.
The existing legal and policy framework is clear and transparent, with strong safeguards contained in local company and trusts law.
A readily available pool of experts in investments, trusts and various advisory industries
High living standards (comfortable environment, good public security, advanced education and medical system)
How can we help you set up a family office in Singapore?
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Preparation

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Implementation

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Follow-up

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  • Find legal professionals who are suitable for the client's family
  • Plan and build the architecture that is suited to incorporating the practical needs of the family
  • Analyse the architecture using home and investment tools
  • Legal and tax experts draft legal documents, obtain legal/tax advice and provide tax planning solutions
  • Work with a team of family advisers
  • Annual audit and reporting of service and fund entities
  • Provide relevant policy updates and reports

circlePreparation

  • Find legal professionals who are suitable for the client's family
  • Plan and build the architecture that is suited to incorporating the practical needs of the family
  • Analyse the architecture using home and investment tools

circleImplementation

  • Legal and tax experts draft legal documents, obtain legal/tax advice and provide tax planning solutions
  • Work with a team of family advisers

circleFollow-up

  • Annual audit and reporting of service and fund entities
  • Provide relevant policy updates and reports
Allocation of assets
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Overseas allocation of assets

INTERKEY ADVISORY has deep experience in tax (incl. CRS) and legal regulations and risks in company expansion, immigration, residency, and cross-border wealth planning. We work with licensed partners to provide a seamless, one-stop consultancy solution customised for our clients.

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CRS

INTERKEY ADVISORY delves into taxation regulations in different countries/regions and leverages tax treaties and financial instruments to help high-net-worth individuals achieve overall tax efficiency.

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Selection of reliable investment channel services

We carefully advise clients on reliable investment channels (such as fixed income funds, preschool education, new energy, growth corporate bonds, consumer finance, movies, etc.) based on their risk tolerance and preferences, so that our clients have more options to grow their assets.

Infinite Growth Income Fund (IGIF)

The Infinite Growth Income Fund (IGIF) is a fixed-income fund launched in Singapore on 1st April 2020. It primarily deploys a private credit strategy. It is a sub-fund under the Nech VCC umbrella fund, which is in turn structured as a Variable Capital Company (VCC). The IGIF is managed by Nech Capital Pte Ltd, a Singapore Registered Fund Management Company (RFMC).

The IGIF is only for Accredited Investors (AIs) or Institutional Investors. Subscription is by invitation only and is exclusive to AIs who have passed the pre-qualification requirements.

To qualify as an AI, you must fulfil any one of the following 3 conditions:

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Net personal assets exceeded S$2 million (or its equivalent in a foreign currency) in value. Live in Property contributes a maximum of $1 million.

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Income in the preceding 12 months was not less than S$300,000 (or its equivalent in a foreign currency)

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Investment/Financial assets (bank deposits, bonds, shares) of at least $1 million or more

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Investors in a Class Equivalent to Accredited Investors. An investor in an equivalent class under the laws of the country or territory in which the offer or invitation is made.

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For more details on the requirements for AIs, and the Opt-in process, please visit the MAS website at:

Please note that any offers in relation to subscription to shares of IGIF may only be made to qualifying AIs who have completed and executed the Opt-in Form, or otherwise to Institutional Investors.

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For more details on the license type/status of Nech Capital Pte Ltd, please visit the MAS website at:

For more information on the fund strategy being deployed by IGIF and to enquire about the qualification procedures, please contact us.

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